Currency pair Pound/Dollar GBP/USD continues to move as part of a strong upward correction and a downward channel. At the time of the publication of the forecast, the pound to the US Dollar at FOREX is 1.2396. Moving averages indicate a short-term bearish trend. Prices are testing the area between the signal lines, which indicates pressure from the sellers and the potential continuation of the decline in the pair. At the moment, we should expect an attempt to continue the development of the bullish correction of the British Pound and a test of the resistance area near the level of 1.2455. Where again we should expect a rebound and a continued fall in the quotes of the British Pound currency pair against the US Dollar. The purpose of the downward movement of the currency pair, in the framework of the Forex forecast for March 31, 2020, is the area at the level of 1.1335.
GBP/USD Forecast Pound Dollar March 31, 2020
An additional signal in favor of the fall of the currency pair will be a test of a downward trend line on the relative strength index (RSI). The second signal in favor of the decline will be a rebound from the upper boundary of the downward channel. Cancellation of the fall option for the Pound/Dollar pair will be a strong growth with the closing of quotations above the level of 1.2855. This will indicate a breakdown of the resistance area and continued growth of the Pound/Dollar pair to the area above the level of 1.3245. Expect to accelerate the fall of the pair is with the breakdown of the support area and closing below the level of 1.2055, which will indicate a breakdown of the support area.
Among the important news from the UK, which may affect the rate of the GBP/USD pair, it is worth highlighting: United Kingdom Gross Domestic Product (GDP) q/q.
GBP/USD Forecast Pound Dollar March 31, 2020 implies an attempt to test the resistance area near the level of 1.2455. Then, the continuation of the fall with the target below the level of 1.1335. An additional signal in favor of the fall of the British Pound will be a test of the resistance line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 1.2855 area. This will indicate a continued rise of the pair with a potential target above the level of 1.3245.
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